Time and money - how often do we find ourselves with enough of either? My mission is to ensure our planning helps you make choices that will give you more of both. I have spent the better part of the last decade as a Branch Manager with a major Canadian Bank - I know how to tailor financial solutions for any need. With 18 years total experience in the banking industry, I have extensive experience in debt planning, restructuring as well as home purchase financing. Whether this is your 1st or 21st time assessing your finances, my advice can enhance your life for the better. ...
Home renovations: Do you really need that new kitchen?
Date Posted: October 21, 2014
When considering whether or not to do a renovation, you might think that the first question you need to ask yourself is: "How am I going to pay for this?". The question you should be asking is: "Why am I doing this?".
One of the most popular reasons for doing home renovations is the mindset that it will increase your home's value. This sounds great in theory, but rarely works out in reality.
Home renovations usually end up costing more than you expect. Some renovations will help boost your home's value, but rarely does the increase cover the cost of the improvements. The more popular renovations that will help boost your home's value, usually ends up being the kitchen and bathroom. Typically, 70% of the cost of the improvements will be added to your home's value, if you are lucky.
As a few years pass by, your renovations will become used and outdated and won't have anywhere near the impact on your house’s value as it did upon completion. Before committing to begin a renovation, be sure to look at other options available to you. Perhaps it is better to put that extra money towards paying off your mortgage quicker, or paying off some credit card debt.